币股风向标丨全球BTC财库公司单周净卖出1592万美元；Bitmine过去一周增持9946枚ETH并回购610万股普通股（7月28日）
- 핵심 의견: 글로벌 자본 시장은 여전히 강력한 디레버리징 단계에 있으며, 암호화폐 컨셉트 주식 회사들은 주가 하락과 자금 조달 환경 악화에 대응하기 위해 비트코인 매도, 부채 상환, AI 사업으로의 전환을 통해 집단적으로 전략을 조정하고 있습니다.
- 핵심 요소:
- 글로벌 매크로: 미국 증시의 레버리지가 지속적으로 확대되어 신용융자 잔액이 1조 5300억 달러로 사상 최고치를 기록하며, 시장은 실적 시즌의 연쇄 위험에 직면해 있습니다.
- BTC 재무부 냉각: 상장 기업은 주간 순매도 1592만 달러의 비트코인을 기록했으며, Strategy(MSTR)는 MSTR 매도를 통해 5억 4450만 달러의 순이익을 얻었습니다.
- 보유 현황: 글로벌 상장 기업은 총 약 114만 개의 비트코인을 보유하고 있으며, 가치는 741억 6000만 달러로 비트코인 유통 시가총액의 5.7%를 차지합니다.
- 재무부 모델 전환: Satsuma, Smarter Web, KULR 등 회사들은 부채 상환 또는 자사주 매입을 위해 BTC를 매도하고 있으며, 일부는 AI 데이터 센터 사업으로 전환하고 있습니다.
- ETH 및 SOL 보유: Bitmine은 일주일 동안 9946개의 ETH를 추가 매수하여 총 보유량이 578만 7400개에 달합니다. SOL 재무부는 최근 30일 동안 Forward Industries에 의해 50만 개가 추가 매수되었습니다.
Editor's Note: In last week's "Crypto-Stock Market Bellwether" article, we briefly reviewed markets including Korean stocks, US stocks, A-shares, and crypto-concept stocks, maintaining the view that major global capital markets are in a phase of aggressive deleveraging and bubble clearing in the short term.
Over the past week, the Korean stock market experienced its 8th market-wide circuit breaker this year. The US storage sector saw a slight rebound but couldn't reverse the overall downtrend. Although A-shares saw ChangXin Memory Technologies (CXMT) IPO on the STAR Market, the broader market still faced a modest correction, and the storage sector failed to chart an independent course. This week, the US stock market enters a major earnings reporting period. Previously, stocks like Tesla and Google plummeted after reporting earnings, and investors should be aware of the associated risks from related news. On the data front, leverage in US stocks continues to increase: As of June, the net credit balance in US brokerage accounts fell by approximately $70 billion in a single month, reaching a negative $1.061 trillion, a historic low. During the same period, margin debt increased by about $86 billion to $1.53 trillion, rising for the third consecutive month and setting a new record.
Regarding crypto-concept stocks, several BTC treasury-listed companies have once again liquidated assets or sold BTC, signaling a bearish or neutral stance on the crypto market outlook. Although many indicators and the closure of several crypto exchanges previously suggested a potential bear market bottom, it remains difficult from the current situation to conclude that crypto-concept stock targets will not decline further.
For more information on the crypto-stock market, please visit MSX.COM. (Odaily Note: The content of this article does not constitute investment advice and is for learning and exchange purposes only)
Weekly Update on Crypto-Listed Company Developments
Representative BTC Treasury Companies
According to SoSoValue data, as of 8:00 AM ET on July 27, 2026, the total net sell of Bitcoin by global listed companies (excluding mining companies) for the previous week was $15.92 million, a decrease of 1,296.99% compared to the prior week.
Official documents show that Strategy did not purchase Bitcoin last week. Between July 20 and 26, it sold approximately 5.43 million shares of MSTR, generating net proceeds of $544.5 million, and spent $25 million to repurchase 288,930 shares of STRC preferred stock.
Japanese listed company Metaplanet did not purchase Bitcoin last week.
Additionally, three other companies bought or sold Bitcoin last week. Aerospace-grade defense battery thermal management and safety solutions provider KULR announced on July 24 that it generated approximately $21.5 million in revenue from July 9, 2026 to July 23, 2026, sold 333 Bitcoins at $64,538, reducing its total holdings to approximately 760 BTC. Asset management company Strive announced on July 27 that it spent $5.19 million to purchase 79 Bitcoins at $65,723, bringing its total holdings to approximately 20,000 BTC. Brazilian Bitcoin company OrangeBTC announced on July 27 that it spent $394,500 to purchase 6 Bitcoins at $65,742, bringing its total holdings to 3,918 BTC.
Metaplanet's subsidiary, Bitcoin Japan, announced a convertible bond financing agreement with EVO Fund, aiming to raise 9.66 billion Japanese Yen (approximately $59.5 million) to establish a crypto asset treasury.
As of press time, global listed companies (excluding mining companies) in the statistics collectively hold a total of 1,139,480 Bitcoins, a decrease of 0.02% from last week, with a current market value of approximately $74.16 billion, representing 5.7% of Bitcoin's circulating market cap.
Metaplanet Acquires Siiibo Securities, Plans to Build a Bitcoin Fixed-Income Market in Japan
Japanese listed company Metaplanet has acquired Siiibo Securities, which holds a Type I financial instruments business license, allowing it to design and sell securities in Japan. Research firm Benchmark notes that while the market generally views this approximately ¥2.1 billion ($13 million) acquisition as a small-scale expansion, Metaplanet actually plans to use it as a foundation to issue Bitcoin-backed bonds, called Bitbonds, with annual yields of approximately 4% to 6%. These will later be migrated on-chain and settled via stablecoins, gradually forming a secondary market.
KULR Technology Sells 333 Bitcoins to Fully Repay $20 Million Coinbase Credit Line
BitcoinTreasuries.NET reported that listed company KULR Technology sold 333 Bitcoins to fully repay its $20 million Coinbase credit line, currently holding a total of 760 BTC.
With the significant correction in Bitcoin's price, listed companies that had aggressively accumulated BTC are facing multiple challenges, including falling stock prices, debt pressure, and a deteriorating financing environment. Some companies have begun selling Bitcoin, repaying debt, and even pivoting towards Artificial Intelligence (AI) data center operations.
Strategy pioneered the "Digital Asset Treasury (DAT)" model, continuously buying Bitcoin through financing and borrowing, leading a wave of listed companies to follow suit. However, as the BTC price has fallen from its peak of approximately $126,000 reached in October 2025, with a cumulative decline of about 50%, the stock prices of related companies have also shrunk significantly, forcing them to reassess their BTC accumulation strategies.
This week, London-listed Satsuma Technology received shareholder approval to liquidate all of its 668 BTC, return capital to shareholders, and proceed with delisting. Another London-listed company, The Smarter Web Company, sold 178 BTC to repay convertible debt.
Furthermore, Sequans Communications has sold 1,025 BTC and further sold nearly 80% of its remaining holdings to repay convertible bonds. The company stated it will not continue purchasing Bitcoin in the future and plans to sell its remaining approximately 658 BTC.
Nakamoto's stock price has fallen approximately 99% since its SPAC listing in May 2025. It recently sold approximately 284 BTC, raising about $20 million for working capital. Of its remaining approximately 5,342 BTC, nearly 70% has been pledged as collateral for a Kraken loan, leading market participants to view it as a potential risk event.
Meanwhile, Bitcoin mining companies are also adjusting their strategies. Companies like Bitdeer Technologies and MARA Holdings are selling some BTC to buy back shares, repay debt, and redirect energy resources and computing infrastructure towards AI data center operations.
Other companies selling BTC include Empery Digital. Data shows that Strategy has recently sold approximately 3,620 BTC and authorized further asset sales to maintain its USD reserves.
However, Strategy remains the world's largest corporate Bitcoin holder, with holdings exceeding 840,000 BTC. Company CEO Michael Saylor stated that future sales of some Bitcoin might be used to pay dividends, but this does not mean the company is exiting Bitcoin investment. Beyond asset adjustments, management and capital operations at some Bitcoin treasury companies have also changed. Jack Mallers has stepped down as CEO; Adam Back's Bitcoin Standard Treasury Company (BSTR) also failed to complete its proposed merger due to deteriorating market conditions.
Analysts believe that with rising financing costs and increased BTC price volatility, the "buy Bitcoin with debt" treasury model is undergoing a reshuffle. Some companies are pivoting from simply hoarding Bitcoin towards AI infrastructure and business transformation that offer stronger cash flow capabilities.
Matthew Sigel, Head of Digital Assets Research at VanEck, stated that since 2026, several listed companies that adopted the Digital Asset Treasury (DAT) strategy have abandoned or adjusted their Bitcoin reserve strategies. Among them, Satsuma Technology, Bitdeer, Prenetics, Genius Group, Vaultz Capital, and MAIA Biotechnology have sold all their Bitcoin or digital asset holdings. Companies like MARA Holdings, Strategy, Nakamoto, Smarter Web Company, and Cango have sold some Bitcoin to repay debt, buy back shares, or supplement working capital. Additionally, companies like Exodus and DigitalX have shifted from simply hoarding coins to actively managing their digital asset holdings.
Empery Digital Makes $20 Million Strategic Investment in CDP for AI Data Center Expansion
Nasdaq-listed Bitcoin treasury company Empery Digital announced it has completed a $20 million strategic investment in preferred shares of AI data center developer Cardinal Data Power (CDP). Upon completion of the transaction, Empery Digital holds approximately an 8% equity stake in CDP. This investment is a key component of CDP's $70 million Series A financing round. The raised funds will be entirely used to commence construction of its first AI data center campus in West Texas.
Representative ETH Treasury Companies
Bitmine Increases ETH Holdings by 9,946 and Repurchases 6.1 Million Common Shares Over the Past Week
Bitmine Immersion Technologies increased its ETH holdings by 9,946 over the past week and repurchased 6.1 million common shares. As of July 27 Beijing time, its total ETH holdings rose to 5.7874 million, representing approximately 4.8% of Ethereum's total supply.
Representative SOL Treasury Companies
According to Coingecko data, over the past 30 days, among SOL treasury listed companies, only Forward Industries increased its holdings by 500,000 SOL on June 30. Its total holdings increased to 7.55 million SOL, valued at nearly $554 million.
Representative Altcoin Treasury Companies
None.
